DBRS Morningstar Assigns Ratings of BBB (high) With Stable Trends to Enbridge Inc.’s Newly Issued Medium Term Notes

DBRS Limited (DBRS Morningstar) assigned ratings of BBB (high) with Stable trends to the following unsecured medium term notes issued by Enbridge Inc.:

-- $600 million 4.90% Senior Notes due May 26, 2028
-- $400 million 5.36% Sustainability-Linked Senior Notes due May 26, 2033
-- $500 million 5.76% Senior Notes due May 26, 2053

The newly issued debt instruments are guaranteed by Enbridge Energy Partners, L.P. (rated BBB (high) with a Stable trend by DBRS Morningstar) and Spectra Energy Partners, LP, both of which are indirect, wholly owned subsidiaries of Enbridge Inc.

DBRS Morningstar based its assigned ratings of these newly issued debt instruments on the rating of the already-outstanding series of Senior Unsecured Notes.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance (ESG) factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

Notes:
All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2022; https://www.dbrsmorningstar.com/research/404917)
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022; https://www.dbrsmorningstar.com/research/404248)
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023; https://www.dbrsmorningstar.com/research/411694)

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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